The Nagpur Branch of the Institute of Chartered Accountants of India (ICAI) conducted a programme ‘Immediate Reaction on Union Budget-2022’, wherein expert Chartered Accountants from the city shared their views on the matter.

CA Kapil Bahri said various changes have been brought in the budget including repetitive appeals on common issues, Declared return, allowability of expenses, digital virtual currency asset, rationalisation of surcharge for Long term capital gains etc. The compliance burden is on assessees for confirming to statutory requirements, he added.

CA Ritesh Mehta, speaking on Indirect Taxes, covered the intricacies involved in allowability of Input Tax Credit in GST, due date of claiming ITC u/s 16(4), suspension of registration for non-complying various conditions, section 13(4) for issue of credit note, period wise sequential filing is made compulsory, etc. “The provisions would increase the compliance burden on all GST assessees and may result in more stricter tax implications,” he observed.

Rajeev Gupta spoke on capital market. He said that ‘ease of doing business’ was the major expectation along with removal of dividend taxation and reduction in tax rate which was not done. “Momentum and breakout were two top performing factors in 2021. Many rags to riches stories were there in pandemic hit 2021,” he said.

CA (Dr) T S Rawal spoke about Economic Survey of the Government which he termed a ‘bundle of statistics’. “Expenditure spending of the Government on various programmes was not spelt out by the FM. Growth is projected at 9.2 per cent.

“Huge capital outlay is a welcome step,” he added.

“However, high inflation and high interest rate linked with non-generation of employment or non-utilisation of capital investment would be really important factor for our economy,” said T S Rawal.

CA Abhijit Kelkar, RCM said that “Progressive and Balanced Budget" focusing on “Amrut Kal” will definitely benefit country at large. He further expressed that the Budget proposals are now progressive rather populists

Earlier, Chairman of Nagpur Branch of ICAI CA Saket Bagdia, welcomed the participants. He said that this is “A balanced and growth oriented Budget but lot of expectations of general public were defied.”

CA Jaydeep Shah, Past President, ICAI also expressed his views. CA Sandeep Jotwani and CA Umang Agrawal, Past Chairmen Nagpur Branch, co-ordinated the programme.

CA Sanjay M Agrawal, Secretary of Nagpur Branch proposed the formal vote of thanks.

Prominently present on the occasion were CA Jiten Saglani, Vice Chairman, CA Akshay Gulhane, Treasurer, CA Kirit Kalyani & CA Suren Duragkar, Past Chairmen, CA Harish Rangwani, Managing Committee Member, CA P C Sarda, CA Dinesh Rathi, CA Ajay Vaswani, CA Sweety Jain, CA Raju Sharma and others.